New Work expands to a new location
New Work, a Hungary-based serviced offices provider, has leased 2,260 sqm of office space at Mazowiecka 2/4 in Warsaw. The tenant was represented in the transaction by real estate advisory firm Savills. It will be New Work’s second location in Poland following the provider’s debut at the Wilanów Office Park last year.
New Work provides fully furnished and equipped office space with full administrative and maintenance support, rented on flexible terms and conditions. Clients of New Work are usually midsize companies with 10 to 50 employees. But also small enterprises and start-ups find their home in New Work locations. New Work Serviced Offices is part of the Property System Group. The serviced offices provider currently operates in 12 locations in Budapest, Kiev, Prague and Warsaw with a total space of 28,000 sqm.
Mazowiecka 2/4 is the second location for New Work in Warsaw. It is a historic building in a prestigious downtown Warsaw area, recently fully refurbished which will offer over 80 executive suits. The premium office building provides amenities such as high speed Internet, improved sound isolation and concierge services. New Work has leased the entire office space of this building from Hochtief.
“With this lease we expand our workspace in Warsaw to over 5,500 sq m and we aim at offering 12,000 sqm by the end of the year. This will give our clients the opportunity to benefit from our extended service network we will soon provide in five locations in Warsaw,” said Hubert Abt, CEO, Property Systems Group.
New Work has just increased its equity base to €2.5 million and plans to expand its business to over 40,000 sqm till the end of the year 2018 in all major capitals in CEE.
Savills delivered comprehensive advisory services to New Work, providing tenant representation throughout the leasing process. Savills is also responsible for office design and fit-out as part of project management services.
“Poland is seeing significant growth in the flexible workplace market, including serviced offices such as those provided by New Work. Mazowiecka 2/4 enjoys a superb, central location, proximity to a station of two metro lines and easy access to food and beverage facilities in its immediate vicinity,” said Dominik Reszetko, Senior Consultant, Tenant Representation, Office Agency, Savills.
According to the Flexible Workplaces in Poland report produced by real estate advisory firm Savills, Poland has 174 locations offering flexible workplaces on its five core markets. Warsaw is strongly ahead of other cities with more than 94,000 sqm of flexible office space. The remaining top four markets are: Krakow (more than 17,000 sqm), Poznań (9,300 sqm), Wrocław (6,200 sqm) and Łódź (2,200 sqm). In 2017, leases signed by providers of serviced offices and co-working spaces totalled more than 31,000 sqm.